While inflation appears to be cooling down, the housing market remains hot. Rising mortgage rates and low inventory are making some homes and neighborhoods out of reach for some would-be homebuyers.
“I can’t afford a nice house that I wanted that I could have a year and a half ago,” Chris Sambor said.
In the following months, inflation and mortgage rates skyrocketed. Consumers saw the price of gas and food climb. The average 30-year fixed mortgage rate jumped by nearly 400 basis points in ten months to a high of 7.08% in late October. “I’d say I lost probably about $15,000 over the last 90 days when I had to get re-preapproved,” he said.
She explained the nearly 7% national average 30-year rate likely feels more drastic when compared to historic lows in recent years. Individual rates will vary, and buyers can achieve lower rates by making a larger down payment and improving their credit. For buyers considering waiting until rates go back down, she said it’s ultimately a personal choice. Rates could fluctuate in the coming months. And Worthington said refinancing or re-selling are options for buyers if rates fall.
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